Congratulations on getting approved for you new home! Now that you are on the final step, it is time to seal the deal.
You should be aware of the following details before the Lease Signing:
- Pet Deposit: If a pet is included in the lease, a deposit of $250 and a non-refundable fee of $250, a total of $500 for the first pet is required. If an additional pet is included an additional deposit of $50 and a non-refundable fee of $50, a total of $100 is required. These deposits and fees are due at Lease Signing.
- Utilities: The tenant is required to put all utilities in his/her name effective on the date of move-in. The utility information will be provided to the tenant with a copy of the fully executed Lease Agreement after signing.
- Renters’ Insurance: It is a requirement to have renters’ insurance prior to obtaining the keys on move-in day. Proof of insurance must be provided on the day of or before picking up the keys.
- Keys: The keys to the property can be picked up on move-in day, not before. The tenant must show proof of renters’ insurance and that the utilities are in his/her name at the time of key pickup or before.
- Prorated Rent: Leases are generally for a 12-month period. If move-in is before the 1st of the month, the days before the 1st will be prorated and will be paid after move-in. The first full month rent is paid at the lease signing and the pro-rated rent is due on the 1st of the second month after move-in. During the remaining months of the lease period the full rent must be paid on the 1st of each month. Most apartment complexes around the UT campus DO NOT prorate rent for the days you are not there. Houses and Condos do.
- What’s included in the rent? Generally, the rent does not include utilities (water, sewer, electric), internet, cable. If a property includes any of these services in the rent, it will be clearly stated in the lease.
- Parking: Most houses and condos include parking in the rent. While some apartment complexes include parking in the rent, most apartment complexes near the UT campus DO NOT. These apartment complexes charge from $50 to $120 per month for each parking space. It is the tenant’s responsibility to inquire about any parking fees in addition to the rent.
What to expect at the time of signing the lease:
- Sign the Lease
- Pay the first complete month of rent plus a $50 administration fee (see approved payment methods in “Application Fees and Deposits” above)
- Application Deposit converts to the Security Deposit
- Pay Pet Deposit/Fee if applicable
- Arrange to have utilities put in your name
- Arrange for renters’ insurance
- Arrange for key pickup and move in